Morgan Stanley reported better-than-expected third-quarter results Wednesday, even as investor disappointment over its wealth management business and the prolonged slump in investment banking weighed heavily on shares — prompting us to lower our price target on the Club holding. While it's fair to see the stock trade down on the earnings report, the punishment looks too aggressive ahead of what should be a much better 2024 for the investment-banking industry.
Institutional securities Investment banking revenues fell 27% from last year, as lower advisory revenues and fixed-income underwriting revenues were partially offset by higher equity underwriting. Advisory levels declined due to fewer completed M & A transactions, while fixed-income underwriting revenues were lower primarily due to lower event-driven, non-investment grade activity. Equity-underwriting revenues grew despite lower revenues from IPOs, mainly due to higher block offerings.
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